INSUBCONTINENT EXCLUSIVE:
Reliance Brands acquired a majority stake in Ritu Kumar's designer labelReliance Retail Ventures Limited (RRVL)- the retail arm of
billionaire Mukesh Ambani-owned Reliance Industries acquired a majority 52 per cent stake in popular designer labels of Ritu Kumar, in its
latest bet on the country's fast-expanding luxury designer market.The majority stake acquisition included buying out the 35 per cent stake
held by Everstone Capital in Ritika Private Limited-the company that owns Ritu Kumar brands.The partnership between the pioneering designer
reinterpret the age-old designs, motifs, and patterns, that take the story of the country's artisanal culture beyond the existing ideas in
couture and fashion."Very few countries can match the sophistication, style and originality of design, especially in printing and painting
of textiles and weaves, found in India
We are delighted to partner with Ritu Kumar, who possesses strong brand recognition, potential for scale, and innovation in fashion and
retail - all key ingredients to build a complete lifestyle brand,'' said Ms Isha Ambani, Director, Reliance Retail Ventures
Limited.''Together, we want to build a robust platform and customer ecosystem for our native textiles and crafts - both in India and across
the world - so that our crafts receive the honor and recognition they deserve in international couture,'' added Ms Ambani.Ritika Private
prints."This very optimistic collaboration will further the work I started in researching and reviving India's textile history and wealth
while highlighting our design ability
It's a story that needs to be told again
oldest fashion house.Just last week, Reliance bought a 40 per cent stake in a fashion house run by popular designer, Manish Malhotra
On Tuesday, October 19, shares of Reliance Industries settled 0.91 per cent higher at Rs 2,731.50 apiece on the BSE.
